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3.3 Liquidated Damages. OWNER and CONTRACTOR recognize that time is of the essence of <br /> this Agreement and that OWNER will suffer financial loss if the work is not completed within the <br /> times specified in Paragraphs 3.1 and 3.2 above, plus any extensions thereof allowed in <br /> accordance with Article 12 of the General Conditions. They also recognize the delays, expense <br /> and difficulties involved in proving in a legal proceeding the actual loss suffered by OWNER if the <br /> work is not completed on time. Accordingly, instead of requiring any such proof, OWNER and <br /> CONTRACTOR agree that as liquidated damages for delay (but not as a penalty) CONTRACTOR <br /> shall pay OWNER four-hundred and fifty dollars ($450.00) for each day that expires after the time <br /> specified in Paragraph 3.1 for Substantial Completion, if CONTRACTOR shall neglect, refuse or <br /> fail to complete the remaining work within the Contract Time or any proper extension thereof <br /> granted by OWNER, CONTRACTOR shall pay OWNER four-hundred and fifty dollars ($450.00) <br /> for each day that expires after the time specified in Paragraph 3.2 for Final Completion and <br /> readiness for final payment. <br /> 3.3.1 The CONTRACTOR and OWNER agree that OWNER is authorized to deduct all or any <br /> portion of the above-stated liquidated damages due to the Owner from payments due to <br /> the Contractor; or, in the alternative, all or any portion of the above-stated liquidated <br /> damages may be collected from the CONTRACTOR or its surety or sureties. These <br /> provisions for liquidated damages shall not prevent the OWNER, in case of the <br /> CONTRACTOR's default, from terminating the CONTRACTOR's right to proceed as <br /> provided in this AGREEMENT. <br /> 3.3.2 In addition to the above-stated liquidated damages, the CONTRACTOR shall be <br /> responsible for reimbursing OWNER for third party consultants in administering the <br /> Project beyond the Substantial Completion date specified in this Agreement, or beyond an <br /> approved extension of time granted to CONTRACTOR, whichever date is later. <br /> ARTICLE 4 CONTRACT PRICE <br /> 4.1 OWNER shall pay CONTRACTOR for completion of the work in accordance with the Contract <br /> Documents in current funds in the amount of$ 1,291,717.40 <br /> ARTICLE 5 PAYMENT PROCEDURES <br /> CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General <br /> Conditions. Applications for Payment will be processed by ENGINEER as provided in the General <br /> Conditions and the Contract Documents. <br /> 5.1 Progress Payments. The OWNER shall make progress payments to the CONTRACTOR on the <br /> basis of the approved partial payment request as recommended by ENGINEER in accordance <br /> with the provisions of the Local Government Prompt Payment Act, Florida Statutes section 218.70 <br /> ET. seq. The OWNER shall retain ten percent (10%) of the payment amounts due to the <br /> CONTRACTOR until fifty percent (50%) completion of the work. After fifty percent (50%) <br /> completion of the work is attained as certified to OWNER by ENGINEER in writing, OWNER shall <br /> retain five percent (5%) of the payment amount due to CONTRACTOR until final completion and <br /> acceptance of all work to be performed by CONTRACTOR under the Contract Documents. <br /> Pursuant to Florida Statutes section 218.735(8) (b), fifty percent (50%) completion means the <br /> point at which the County as OWNER has expended fifty percent (50%) of the total cost of the <br /> 00530-3 <br /> Addendum 1 <br />